Porch Group (NASDAQ:PRCH) Upgraded at Zacks Research

Porch Group (NASDAQ:PRCH) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday, Zacks reports.

Several other analysts also recently commented on PRCH. B. Riley Financial upped their price objective on shares of Porch Group from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Texas Capital raised Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Craig Hallum increased their price target on Porch Group from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald lifted their price objective on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, September 25th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $19.64.

Porch Group Stock Down 0.4%

Shares of PRCH traded down $0.07 during trading hours on Thursday, hitting $17.50. The company had a trading volume of 1,964,048 shares, compared to its average volume of 1,670,338. Porch Group has a one year low of $6.36 and a one year high of $18.37. The company has a market capitalization of $2.31 billion, a PE ratio of -145.83 and a beta of 3.18. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The company’s fifty day moving average price is $16.92 and its two-hundred day moving average price is $13.12.

Porch Group (NASDAQ:PRCH) last released its earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.08. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. The company had revenue of $131.81 million during the quarter, compared to analysts’ expectations of $122.30 million. As a group, equities analysts forecast that Porch Group will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Porch Group

In other news, CFO Shawn Tabak sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total value of $405,250.00. Following the completion of the transaction, the chief financial officer owned 215,495 shares of the company’s stock, valued at approximately $3,493,173.95. This trade represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew Neagle sold 50,000 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $823,000.00. Following the completion of the sale, the chief operating officer owned 1,940,705 shares in the company, valued at $31,944,004.30. The trade was a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 242,977 shares of company stock valued at $4,078,593. Corporate insiders own 27.78% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Osbon Capital Management LLC acquired a new stake in shares of Porch Group during the fourth quarter worth $25,000. State of Wyoming acquired a new stake in shares of Porch Group in the second quarter valued at about $64,000. PNC Financial Services Group Inc. boosted its stake in shares of Porch Group by 697.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock worth $67,000 after acquiring an additional 8,213 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Porch Group during the first quarter worth $74,000. Finally, Persistent Asset Partners Ltd acquired a new stake in Porch Group in the 2nd quarter valued at about $103,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

About Porch Group

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group’s products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.